XL Capital Ltd Announces Retirement Of Insurance Operations Chief Executive

HAMILTON, BERMUDA - January 22, 2004

Hamilton, Bermuda - January 22, 2004 - XL Capital Ltd (NYSE:XL) ("XL" or "the Company") today announced the retirement of Mr. Nicholas Brown, Chief Executive of the Company's Insurance Operations.Mr. Brown has chosen to retire from the Company effective April 1st 2004. Mr. Clive Tobin, currently CEO of XL Insurance Global Risk, XL's global P&C large commercial account business, will succeed him and will work closely with Mr. Brown to ensure a smooth transition.Mr. Brian M. O'Hara, President and Chief Executive Officer of XL, said: "Nick Brown has overseen significant profitable growth and development in our Insurance Operations since he assumed the segment CEO role in July 2000 and we wish him well. During his tenure, our insurance operations have performed at a high level. Nick's contribution has been valued during this time and we appreciate his willingness to work with us on the management transition that will now be necessary."Mr. O'Hara continued: "The Board and I have been extremely pleased with the leadership Clive Tobin has demonstrated as CEO of XL Insurance Global Risk. Clive combines clear, strategic thinking and technical expertise with financial acumen and enjoys an excellent rapport with shareholders and customers. We are fortunate to have an executive of Clive's caliber to fulfill the important role of leadership in our insurance segment."XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of September 30, 2003, XL Capital Ltd had consolidated assets of approximately $39.6 billion and consolidated shareholders' equity of approximately $7.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.